Market Recap
JCI moved flat amid the release of 3Q18 GDP of 5.17%. Net foreign buy continued further. Top Gainers: Consumer (+1.54%), Misc. Industry (+0.79%), Mining (+0.37%).
Global market closed mixed yesterday. Ahead of midterm election on Tuesday, 11/06/2018, the U.S. bourses lagged due to the tech. sector movement. In European market, the banking sector faced headwinds of post‐stress test on Friday, 11/02/2018. Italian budget plan will also become the major focus on the meeting of European Financial Ministers. Asian bourses were sluggish due to Xi Jinping speech.
Today’s Outlook: Further Foreign Net Buy
Today we estimate JCI to rally with the support range of 5890‐5897 and resistance range of 5982‐5992. The release of Indonesia’s 3Q18 economic growth of 5.17% was positively responded by investors. It is marked by further
net buy position posted by foreign investors.
On the other hand, global investors today await mid‐term election to be held in the U.S. Investors await whether the Democrat Party can accomplish its majority position in the U.S. parliament. Besides, the further decline in global crude prices gives positive sentiments. The meeting between Trump and Xi Jinping estimated to be held at the end of November will be catalysts for global market movement within a few days.
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